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Marital Property: What You Need to Know About Its Legal Definition
Definition & Meaning
Marital property refers to all assets and belongings acquired by either spouse during the marriage. This includes property obtained individually or jointly, regardless of who holds the title. The period considered for marital property starts from the date of marriage and typically ends when the couple begins to live apart. Common examples of marital property include homes, real estate, pensions, stocks, bonds, and household items. Property owned by either spouse before the marriage is not classified as marital property.
Table of content
Legal Use & context
Marital property is primarily relevant in family law, particularly during divorce proceedings. Courts often need to determine how to equitably divide marital property between spouses. This process may involve various legal forms and procedures, which individuals can manage with the right tools, such as legal templates provided by US Legal Forms. Understanding marital property is crucial for couples considering divorce or separation, as it directly affects asset distribution.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A couple purchases a home together during their marriage. This home is considered marital property, and both spouses have rights to it in the event of a divorce.
Example 2: One spouse receives a pension from their job while married. This pension is also classified as marital property and may be subject to division upon divorce.
State-by-state differences
Examples of state differences (not exhaustive):
State
Marital Property Rules
California
Community property state; all assets acquired during marriage are jointly owned.
Texas
Community property state; similar rules as California regarding asset division.
New York
Equitable distribution state; marital property is divided fairly but not necessarily equally.
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Community Property
Property acquired during marriage that is jointly owned by both spouses.
Separate Property
Assets owned by one spouse before marriage or acquired by gift or inheritance.
Common misunderstandings
What to do if this term applies to you
If you are facing a divorce or separation and need to understand how marital property will be divided, consider the following steps:
Gather documentation of all assets acquired during the marriage.
Consult with a legal professional to understand your rights and obligations regarding marital property.
Explore US Legal Forms for templates that can help you manage the legal aspects of property division.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.
Marital property includes all assets acquired during the marriage.
Property owned before marriage is not considered marital property.
Division of marital property varies by state laws.
Consulting a legal professional is advisable for complex cases.
Key takeaways
Frequently asked questions
Marital property is acquired during the marriage, while separate property is owned by one spouse prior to marriage or received as a gift or inheritance.
Yes, many states follow equitable distribution, which means property can be divided fairly but not necessarily equally based on various factors.
Consider a prenuptial agreement, which can outline how property will be treated in the event of a divorce.